It is .... but the key word is "knowingly".
When a company goes into Administration, a firm of Insolvency Practitioners is appointed to try to keep the business (not the company) going. The company's liabilities are frozen while the Administrator tries to salvage the business and make enough profits to repay the creditors.
If the company which ran the businesses of LOOP and BLADES goes into Administration, the Administrator can "kick ass" and try to fulfil the subscriptions which have been paid for plus producing further magazines.
Cheers
Whirls